Summary:
After three years of rising prices, Americans got good news as the June CPI eased to 3% thanks to falling gas and car prices.
US CPI Jul
14/8/2024 (Wed)
Previous: 3% Forecast: 3%
Americans weighed down by fast-rising prices for three years just received more encouraging news on the inflation front. CPI growth in June eased to 3% due to a drop in gas prices and car prices.
The core reading rose 0.1% from May — its slowest pace since August 2021. A sign of progress in shelter costs was particularly encouraging as the critical area has been the largest contributor to the price pressures.
Economists reckon a slight pickup is due after June’s surprisingly low reading but that alone may not enough to derail the Fed from a widely anticipated rate cut next month.
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